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The Global Soy Flour Market is expected to register a CAGR of 6.12%, during the forecast period of 2019–2024.
- Growing demand for soy-derived flour in processed baked items owing to its nutritional qualities including gluten-free, trans-fat free, and whole-grain food products are fueling the soy flour market growth.
- Additionally, the rising popularity of a vegan diet is expected to propel the demand for soy flour owing to its nutritional value such as high dietary fiber and bioactive components including isoflavones. Moreover, flour derived from soy has a gluten-free property and it acts as a prime source of protein in a vegan diet, this, in turn, boosting the soy flour market globally.
Scope of the Report
Global Soy Flour Market is segmented by type, application, and geography. On the basis of type, the market is segmented into defatted and full-fat. On the basis of application, the market is segmented into bakery & confectionery, meat substitutes, meat and poultry, soups and sausages, and others. By geography, the study provides an analysis of the soy flour market in the emerging and established markets across the globe, including North America, Europe, Asia-Pacific, South America, and Middle East & Africa.
Key Market Trends
Growing Demand for Functional Flour
Soya flour has been gaining is gaining popularity in diverse food products and several industrial products. With beneficial properties, such as solubility and absorption abilities, modified soya flour significantly enhances the functional characteristics of the food items it is added to. Also, soy flour is considered as functional food ingredients. Additionally, the accelerating demand for functional flour can be attributed to the highly beneficial characteristics of functional flour. In recent times, several other industrial uses of modified soya flour have come to the fore, which in turn is expected to bring more traction to modified soya flour, thereby fueling growth in functional flour market in forecasted period.
North America Dominated the Market
North America dominated the market in 2018 and held the significant market share over the forecast period. United States is the largest contributor to the market growth in the region. The growth of the market is attributed to rising importance of vegan diet among consumers in the country. Asia Pacific is the fastest growing region in the market. Japan is one of the largest consumers of soy based flour in Asia Pacific as it is one of the largest consumed traditional foods. Major companies are offering new products in order to gain a competitive edge in the market as well as to cater to the changing food preferences of the consumers. For instance, February 2019, Otsuka Pharmaceutical Co., Ltd. has introduced ’SOYJOY Crispy Sakura’, whole soy nutrition bars. These new products are anticipated to increase the scope of soy based flour in the food industry over the forecast period.
The global soy flour market is highly fragmented. Some of the major companies in the doy flour market, globally includes Archer Daniels Midland Company, Cargill, Incorporated, CHS Inc., DuPont, The Scoular Company, SunOpta, and Foodchem International Corporation, among others.
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